NEW YORK (TheStreet) -- It's time to get a little defensive, raise a little cash and have some patience, Jim Cramer told his "Mad Money" TV show viewers Wednesday after yet another volatile day on Wall Street.

Cramer reminded viewers that no one's ever made a dime by panicking, but with the markets getting shaky it's certainly time to change gears.

Cramer admitted he's not crazy about the markets right now, and is even raising extra cash at his charitable trust, Action Alerts PLUS. He said he didn't like last week's snap-back rally nor today's big market opening, and he's also not a fan of how quickly interest rates are heading higher. But despite all those negatives, one fact remains -- companies are doing better.

While the notion that more business means the Federal Reserve will eventually raise interest rates is true, the bigger picture is that more business also means more profits, especially for all those companies that have lowered costs, lowered their leverage and have lots of cash on the books, Cramer said.

As JPMorgan Chase CEO Jamie Dimon said recently at an investor conference, the corporate world is in fabulous shape and the U.S. housing market has turned a corner, making owning a home more affordable than ever. That's all great news for stocks, said Cramer, although it make take a little time for the markets to shift its thinking.

So while things continue to be shaky, Cramer advised taking profits and raising a little cash, then being patient and waiting for the dust to settle before buying in for the next leg higher.

Executive Decision: Manny Chiraco

In the "Executive Decision" segment, Cramer sat down with Manny Chiraco, chairman and CEO of PVH Corp, which delivered a monster earnings beat that sent shares up 6.6% in after-hours trading.

Chiraco said PVH saw strength across the board, especially in the company's Calvin Klein and Tommy Hilfiger brands. He said the weather in the U.S. put a damper on April sales, but those sales returned in spades in May.

When asked about sluggish sales in Europe, Chiraco noted that while Spain and Italy remain weak for PVH, other countries in Europe are fairing better and PVH saw stronger May sales across Europe as well. Even in emerging markets like Brazil and China, Chiraco said, PVH was able to deliver solid growth numbers.